Kingdom Bank in doldrums
Friday, February 13, 2015
Industry sources told BusinessWeek that the offshore bank, which is 100 percent owned by Zimbabwean banker Nigel Chanakira, is failing to pay back some of the depositor funds as most of its assets were tied-up in illiquid assets and advances to customers, whose recoverability is not guaranteed.
The bank’s 20 workers have also not received regular salaries since November last year, as the bank is surviving on a hand-to-mouth basis. Since it is an offshore bank, KBAL depositors and debtors are all foreign based, predominantly in Zimbabwe.
The recent disclosure by the IEC that 2,513 registrations have been turned down due to various irregularities should prompt all Batswana to meticulously review the voters' rolls and address concerns about rejected registrations.The disparities flagged by the IEC are troubling and emphasise the significance of rigorous voter registration processes.Out of the rejected registrations, 29 individuals were disqualified due to non-existent Omang...